UK’s Leading Property Firm
A leading UK property firm was facing increasing levels of money laundering risk and needed a technology solution that would comprehensively address their current and future regulatory demands while offering the flexibility to meet client expectations.
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“NorthRow’s flexibility and ability to customise the data sets and risk scorecards to meet different use cases and challenges from the client are a great match. We’re improving operational efficiency and helping to reduce fraud and ensure regulatory compliance.”
Vanessa Richards
Chief Product Officer
Background
Regulatory scrutiny in the property sector is more significant than ever. Agents are continually faced with increasing money laundering risk levels, particularly in London, where overseas buyers seek to invest in the UK property market.
This has increased the level of checks that the UK’s leading property firm needs to conduct when onboarding corporate clients. They had to re-assess their due diligence and were acutely aware of the need for best practice when onboarding clients to avoid hefty fines, (not to mention the damage to reputation), associated with non-compliance, but also the need to deliver a friction-free client experience.
Key benefits
Helping this estate agent to meet compliance with the 4/5th Money Laundering Directive.
Single tech partner
Operational efficiency and improved customer experience.
Accelerated verification
Successfully onboard new clients and employees.
Full compliance audit trail
A holistic, top-level summary of each business and client.
The Challenge
Needed to implement a robust risk mitigation strategy
Like others in this highly competitive sector, the UK’s leading property firm came under pressure to implement a robust risk mitigation strategy to ensure compliance with the 4th and 5th Money Laundering Directive, along with changes in immigration law. They needed a technology solution that would address their current and future regulatory demands whilst meeting client expectations.
How NorthRow Helped
Continued to meet new and emerging regulatory obligations
NorthRow’s flexible solution has enabled this leading estate agent to leverage its technology solutions to deliver robust compliance processes, improved customer experiences, and ensure they continue to meet new and emerging regulatory obligations.
The solution is built to specific requirements, including amended data sets and risk scorecards based on different use cases and a mix of ID document checks. NorthRow stores details of the checks within the NorthRow dashboard, fully secure and encrypted, offering a complete and transparent audit trail.
What Now?
Automated AML, due diligence and Right to Rent verification
The business is now running a fully-configured solution that works across both sales and lettings, to automate AML, due diligence and Right to Rent verification on companies, individuals, tenants, and landlords. This reduces operating costs and improves identity verification and fraud detection. In addition, previously manually intensive processes have been automated, freeing up sales and compliance resources to focus on what matters.
NorthRow’s solution gives the client scope to use a leading multi-source platform capable of carrying out complex checks on individual buyers as well as vendors, tenants and companies to establish an ownership structure and identify any beneficial owners. It brings operational efficiency, cost savings and increased bandwidth to process more sales and improve customer experience, all in a single-point solution.
Testimonial
Anton Zdziebczok,
Chief Product Officer, NorthRow
1981
Opened its first branch
80%
Coverage of Greater London
50+
Branches across the UK
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